QQQ’s light blue megaphone is exactly the Sornette melt-up set-up I was hoping to see for a surge (green scenario) to the navy blue megaphone top. But QQQ has failed to break out into the melt-up.
Usually if QQQ were going to melt up it would have started already. That increases the likelihood that something like a triangle (red) is forming across the navy megaphone VWAP.
If the triangle breaks out downwards QQQ is a favorite to break out downwards from the navy blue megaphone into a sizeable dip. The target would be 100ish. A fast stab down that got bought hard above 100ish could be the start of a huge move up. A breakout through 100 would target 70ish.
If the red triangle breaks out upwards, the target is roughly the navy blue megaphone top. Then QQQ would need a retrace to at least the navy megaphone VWAP and would be a favorite to pull back to its bottom.